If you can qualify for a credit card, I would always use a credit card to earn rewards, as opposed to using a debit card. The reason is because credit cards generally offer a better return for every $1 spent. Furthermore, credit cards offering benefits such as insurance and consumer protection, etc. So personally, I do not use any debit cards for any of my purchases, I use credit cards only, unless I do not have a choice, in which case I pay cash.
The reason I use cash instead of debit cards is because there are often fees associated with debit cards and it takes too much work to keep track. However, if you cannot qualify for a credit card, below are some of the top debit cards / banking accounts that earn decent enough rewards:
Scotiabank Scene Debit Card
- Earn 1 Scene point for every $1 spent at participating Cineplex Entertainment theatres
- Earn 1 Scene point for every $5 spent on all other purchases
Bank of Montreal Air Miles Debit Card
- Earn 1 Air Mile for every $30 spent on all purchases
President’s Choice No Fee Banking
- Earn 10,000 PC points when you set-up direct deposit for your paycheque or pension
- Earn 5 PC points for every $1 spent at stores where President’s Choice products are sold
Honourable mention goes to the RBC Shoppers Optimum Banking Account, but it has a $10.95 monthly fee, which can potentially be waived if you meet certain conditions. There you can earn 10 points for every $1 spent Shoppers Drug Mart and earn 1 point for every $1 you spent on all other purchases.
You may find some other debit cards out there, but because careful of monthly banking fees. The return on the debit card may not always justify the banking fees that come with it.